Encouraging results were reported from one drill hole on the Fontana project near Val D’Or, Que., including a 45-ft. intersection grading 0.48 oz. per ton. Recently, another hole was completed with similar mineralization characteristics. Portfield Industries, trading 226,000 shares, has a 15% royalty interest in the property. Portfield shares moved up by 3 cents to close at 13 cents.
Claim staking and optioning around Birch Lake, Ont., has allowed Milestone Resource to increase significantly its ground position in the area. The company intends to drill about 1,200 ft. on its new gold property this month. The company also intersected a small, gold-bearing zone on its Shabumeni property. Milestone traded 178,750 shares at 13-16 cents per share.
Shares of Black Gregor were active again, settling at 40 cents after trading between 35 cents and 43 cents during the week ended March 13. Black Gregor is involved in a drill program on its property near Marathon, Ont.
The average daily volume of shares traded on COATS in February increased by almost 100,000 from the same time last year, topping the 1.5-million mark.
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